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Your home deserves the best protection. We’re here to help you get it right.
Buying a home is hard — buying home insurance shouldn’t be. Policygenius makes it simple to find the best home insurance policy for you, and ensure your most valuable belongings are protected.
Policygenius is an insurance marketplace, which means we’ll help you compare free quotes from top insurers. All you need to do is answer a few questions about your home and our expert agents will help you choose the right coverage at the best price.
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What is home insurance?
Home insurance is financial protection in case something bad happens to your home. It pays for damage to your home from things like fire, lightning, wind, hail, theft, and more.
It also covers the stuff inside your home (like your clothes, furniture, and electronics) and even the cost of a hotel if you need to stay somewhere else while your house is being rebuilt or repaired.
Homeowners insurance isn’t required in any state, but most mortgage lenders will require proof of insurance before they’ll let you take out a home loan.
→ Read more about how home insurance works
What to look for in a home insurance policy
Your homeowners insurance policy is broken up into six basic coverages that each serve a specific purpose.
Dwelling coverage
Pays for damage to the structure of your home, like your roof or attached garage
Other structures coverage
Pays for damage to structures that aren’t attached to your home, like a shed or fence
Personal property coverage
Pays for damaged or stolen personal belongings, like if your furniture is destroyed in a fire or your TV is stolen
Additional living expense coverage
Pays for hotels, meals, and transportation while your home is being repaired
Personal liability coverage
Pays for legal expenses if you’re responsible for injuries or property damage
Medical payments coverage
Pays for medical bills if someone is injured on your property
Dwelling coverage
Pays for damage to the structure of your home, like your roof or attached garage
Other structures coverage
Pays for damage to structures that aren’t attached to your home, like a shed or fence
Personal property coverage
Pays for damaged or stolen personal belongings, like if your furniture is destroyed in a fire or your TV is stolen
Additional living expense coverage
Pays for hotels, meals, and transportation while your home is being repaired
Personal liability coverage
Pays for legal expenses if you’re responsible for injuries or property damage
Medical payments coverage
Pays for medical bills if someone is injured on your property
→ Learn more about what homeowners insurance covers
How much does home insurance cost?
According to a 2020 report from the National Association of Insurance Commissioners (NAIC) [1] , the average annual homeowners insurance premium is $1,249.
Coverage amount is the biggest factor in determining how much you pay for home insurance, and dwelling coverage, which covers your actual home, is the most essential part of your policy. Here’s a look at the average annual rates for different levels of dwelling coverage:
| Coverage amount | Average annual cost |
|---|---|
| $100,000 to $200,000 | $956 |
| $200,000 to $300,000 | $1,114 |
| $300,000 to $400,000 | $1,272 |
| $400,000 to $500,000 | $1,482 |
| $500,000 and over | $2,148 |
Location also has a big impact on home insurance rates — if the area where you live experiences frequent wildfires or hurricanes, you’ll probably pay more for your policy. The same is true for homeowners who live in cities or neighborhoods with high rates of break-ins or vandalism.
| State | Average annual cost |
|---|---|
| Alabama | $1,409 |
| Alaska | $984 |
| Arizona | $843 |
| Arkansas | $1,419 |
| California | $1,073 |
| Colorado | $1,616 |
| Connecticut | $1,494 |
| Delaware | $873 |
| District of Columbia | $1,264 |
| Florida | $1,960 |
| Georgia | $1,313 |
| Hawaii | $1,140 |
| Idaho | $772 |
| Illinois | $1,103 |
| Indiana | $1,030 |
| Iowa | $987 |
| Kansas | $1,617 |
| Kentucky | $1,152 |
| Louisiana | $1,987 |
| Maine | $905 |
| Maryland | $1,071 |
| Massachusetts | $1,543 |
| Michigan | $981 |
| Minnesota | $1,400 |
| Mississippi | $1,578 |
| Missouri | $1,383 |
| Montana | $1,237 |
| Nebraska | $1,569 |
| Nevada | $776 |
| New Hampshire | $984 |
| New Jersey | $1,209 |
| New Mexico | $1,075 |
| New York | $1,321 |
| North Carolina | $1,103 |
| North Dakota | $1,293 |
| Ohio | $874 |
| Oklahoma | $1,944 |
| Oregon | $706 |
| Pennsylvania | $943 |
| Rhode Island | $1,630 |
| South Carolina | $1,284 |
| South Dakota | $1,280 |
| Tennessee | $1,232 |
| Texas | $1,955 |
| Utah | $730 |
| Vermont | $935 |
| Virginia | $1,026 |
| Washington | $881 |
| West Virginia | $970 |
| Wisconsin | $814 |
| Wyoming | $1,187 |
What else impacts my homeowners insurance rates?
Your home: Your home’s age, location, square footage, and the number of rooms in the house will all affect your insurance rates.
Your coverage: Rates are directly tied to the amount of protection in your policy. Higher limits of liability, extended protection for your home and belongings, and additional coverage endorsements can all mean higher rates.
Your credit score: Homeowners with lower credit scores will see higher rates.
Your claims history: If you’ve filed multiple insurance claims in the past, or your home has a history of structural damage and loss, your insurance rates will probably be higher.
→ Learn more about homeowners insurance costs
Find the cheapest home insurance quotes with Policygenius
Apply online. Answer a few quick questions and you’re on your way to finding the most accurate rates available.
Choose from dozens of companies. Comparing policies is the best way to find affordable insurance. Find top-rated companies in one place at Policygenius and save yourself some clicks (and money).
Get help from real-life people. Need a human touch? Our in-house experts can guide you through the process and get you the best deal.
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Choosing the best home insurance company
There's a lot that goes into choosing a home insurance company. Our Policygenius rating scores companies on everything from cost to coverage options to claims satisfaction, so you can see how your options stack up.
| Company | Policygenius rating (out of 5) | Average annual cost |
|---|---|---|
| USAA | 4.3 | $2,112 |
| Amica | 4.2 | $2,004 |
| Encompass | 4.1 | $2,420 |
| Hippo | 4 | $1,499 |
| Chubb | 4 | $5,556 |
| Acuity | 4 | $1,260 |
| Plymouth Rock | 4 | $1,165 |
| State Farm | 4 | $1,500 |
| Allstate | 3.9 | $1,452 |
| Travelers | 3.8 | $1,554 |
| Nationwide | 3.8 | $1,736 |
| Stillwater | 3.8 | $1,589 |
| Swyfft | 3.8 | $1,296 |
| Farmers | 3.7 | $1,476 |
| Tower Hill | 3.7 | $1,787 |
| State Auto | 3.7 | $1,803 |
| Safeco | 3.6 | $1,683 |
| Mercury | 3.6 | $1,925 |
| AIG | 3.5 | $3,564 |
| Erie | 3.4 | $1,908 |
| Progressive | 3.4 | $1,706 |
| GEICO | 3.2 | $1,740 |
| MetLife | 3.2 | $2,467 |
→ Learn more about the best home insurance companies
How to shop for home insurance
Ready to get covered? Let Policygenius help. Apply online and talk to licensed experts to buy your policy in five easy steps.
Know your coverage. You’ll want to make sure your policy limits are high enough to pay for a full rebuild of your home, and that the deductible (the amount you have to pay out of pocket per claim) works for you. Not sure how much coverage you need? Policygenius will recommend an amount when you apply.
Look for discounts. Bundling home and auto policies and installing security devices are easy ways to save money on your policy.
Get free quotes. A Policygenius expert will help you compare policies and discounts across companies to find the right coverage amount for the right price. We’ll handle the paperwork for you — for free.
Welcome the inspector. Once you choose a policy, the insurance company will typically send someone to perform an inspection of your home to make sure there are no undisclosed risks on your property.
Sign your policy. Once all the boxes are checked, you’ll sign on that dotted line, pay your first premium, and enjoy knowing that you and your stuff are covered.
→ Learn more about how to buy home insurance
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Frequently asked questions
Which insurance company is best for homeowners?
There’s no one-size-fits-all home insurance company for anyone. You’ll want to find a company that offers policies in your state, and compare quotes to choose the one that offers the coverage you need at the most affordable cost. Look for companies that offer discounts, like money off for bundling your home and auto insurance.
How do I know how much home insurance I need?
Homeowners insurance coverage needs vary from homeowner to homeowner. In general, your coverage amounts should be high enough to cover your home’s rebuild cost (meaning the cost to rebuild it completely if it were destroyed), the monetary value of your personal belongings, and your combined assets. If you need flood or earthquake coverage, you’ll need to buy those separately.
Are there different homeowners insurance requirements by state?
No, homeowners insurance is not required by law in any state. However, most lenders will require proof of home insurance before you can close on a property.
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